Torfaen Business Voice - February 2017 Newsletter

FEBRUARY
2017
FOCUS ON FINANCE
NEXT EVENT
Thursday 16th March 2017
5:00PM
IN THIS EDITION:
PAGE 3
Spotlight on Business
Topics
We have a series of business topics
throughout 2017 see how you can
contribute.
PAGE 6
What can you do with
a £10k business loan?
Six ways on how this could work for
you?
PAGE 8
Meet the member:
Beehive Photography
Find out why Tom established his
photography business.
www.twitter.com/TorfaenBiz
www.facebook.com/TorfaenEnterprise

Notes
from our
chairman
I'm sure you'll all agree that 2016 flashed by and I for one am
excited to start our calendar of events for 2017, kicking off
with our facilitated networking on the 16th March. Our
members tell us that this opens the door to many a new
working relationship but to make it even more successful we
also require new members to join the business club.
Members are our lifeblood and new members especially so:
we are proud to see consistently strong membership
numbers and fantastic attendance at our events. But this
wouldn't happen without you renewing and also inviting
colleagues and new businesses to the events, so thanks for
your support.
Whilst we are constantly looking for new benefits of
membership, we can now offer you the opportunity to advertise
on our display screen. This gives your business the
opportunity of being seen by a wider audience, giving you a
chance to be seen by everyone in the room - not just those at
your table.
Our 1st Meeting of 2017
Thursday 16th March
5:00pm Registration for a 5:30pm Start
The eagle-eyed amongst you will spot a change to the format
of our newsletter this month, with a focus on finance. We are
changing the newsletter to be focused on individual topics, so
you can look forward to benefiting from some in-depth advice
and guidance over the coming months.
I am sure that you will recall the success of the initial Torfaen
Business Exhibition in Cwmbran Stadium in 2015. I'm
pleased to say that we are repeating the event this year on
17th May and it's promising to be a bigger and better event
than the first! Stands are selling out fast so visit the website
at www.southwalesbusiness.co.uk to book your place.
There's a special rate for members so make sure you take
advantage! I am already booked and polishing my act ready
for what I know will be a great event.
Dennis
Ricketts
Chairman, Torfaen
Business Voice
Our next
event
Dates for
your diary
17/05/17 - Torfaen Business Exhibition 2017
22/06/17 - Torfaen Business Voice - 5pm
21/09/17 - Torfaen Business Voice - 5pm
07/12/17 - Torfaen Business Voice - 5pm
All of our quarterly events are held at
Greenmeadow Golf and Country Club,
Cwmbran
The next Torfaen Business Voice members’ quarterly event will
take place on Thursday 16th March 2017 at Greenmeadow
Golf and Country Club, Cwmbran. Members of Torfaen
Business are entitled to 2 free places at this event, so make
sure you bring along a colleague, client or business contact to
take advantage of your 2 places.
The event will feature 2 rounds of facilitated networking and
plenty of opportunities to network informally over a tasty buffet!
Remember your business cards and any marketing literature!
Members of Torfaen Business Voice can also bring along a Pop
Up banner – please indicate if you are bringing yours on the
electronic booking form.
To book, please use the
following link:
http://bit.ly/tbv-feb2017
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TORFAEN BUSINESS VOICE | FEBRUARY 2017 NEWSLETTER

Spotlight
on Business
Topics
As part of our commitment to supporting businesses in the
borough, Torfaen Economy & Enterprise will be developing
throughout 2017 a series of themed business topics - from
Business Finance and HR through to Marketing and Enterprise.
We will be producing keynote articles, case studies and hints and
tips along with links to resources and opportunities in order to
help existing businesses and anyone setting up in business.
We’re on the looking out for professionals and experts who
can write articles that are independent, authoritative and
appropriate to the topics - so please get in touch with Jo
John if you are able to contribute.
Joanne.john@torfaen.gov.uk
2017 TIMETABLE
JANUARY
Sponsorship as a marketing tool
FEBRUARY - APRIL
Business finance
MAY - JUNE
Working collaboratively
JULY - AUGUST
Business HR
SEPTEMBER
Business law
OCTOBER
Manufacturing
NOVEMBER - DECEMBER
Entrepreneurship
Our first topic of 2017 was Sponsorship as a Marketing Tool
We are now in our Business Finance topic, you will find a variety of information on this subject
within this newsletter and more on our Torfaen Economy & Enterprise website.
Wednesday, 17th May
9am - 1pm - Cwmbran Stadium, Torfaen NP44 3YS
Free
Entry
Book your place now: bit.ly/tbv-exhibition-delegate
DROP IN
SESSIONS
showcase your
business
generate
leads
business
Networking
MEET LOCAL
BUSINESSES
Guest
speakers
TORFAEN BUSINESS VOICE | FEBRUARY 2017 NEWSLETTER 3

Growing
Your
Business:
7 Finance
Success Factors
Have you got ambitious growth plans but
you’re not sure how to get the finance?
Many business owners find themselves stuck when it comes
to raising finance, especially if you are so busy ‘doing the
doing’, that you don’t get time to pause for breath, to reflect,
plan and take action.
Having a growth plan is great, but growth typically needs
finance to make it all work.
Here are seven key finance success
factors to help your business succeed.
1.Have a Clear Vision
When raising finance, the foundation success factor is knowing
where you want to go; it’s the old adage of ‘if you don’t
know where you are going, how are you going to get there?’
Think about what ‘success’ looks like to you. What do you
want your business to look like five years from now? A lack of
clarity as to the direction your business is heading leaves you
susceptible to making decisions which may not be in the
long-term interest of the business.
We each have a different definition of success. For some,
success is hitting an annual sales figure; for others, it’s about
profit, number of customers, or the range of products on offer.
What’s yours?
3.Source the Right
Finance Solution
With your Plan in place you’re ready to approach your bank
but don’t forget that there are other finance options.
Whilst the traditional High Street banks do provide funding for
growing businesses, today is about balancing that support
with the expanding range of alternative finance solutions.
Here are some options:
• Purchase equipment and machinery? To preserve your
cash consider applying for an asset finance facility which
spreads repayment over three to five years
• Investigate unlocking cash tied up in invoices via an invoice
discounting facility. This allows you to access cash now
instead of waiting for 30 to 90 days thereby speeding up your
ability to grow
• Crowdfunding your finance needs is growing in popularity. If
you are looking for additional funds by selling shares in your
business check out equity crowdfunding services provided by
the likes of Crowdcube, and Seedrs. You can also source a
business loan repayable up to five years via crowdfunding
platforms such as Funding Circle and Ratesetter
Decide precisely what success means to you, because
without that clarity raising finance is meaningless.
2.Prepare aBusiness
Plan
Even if you’re not approaching a bank for finance it’s wise to
have a Plan in place which summarises your thought
process.
A bank will need a Business Plan so they can better understand
your business and your future vision. Your Plan does
not have to be the size of War and Peace! A good Plan for a
bank doesn’t need to be more than 10 to 15 pages (if you
need more than that then you’re over complicating it!).
There are plenty of resources available on
writing Business Plans but here is a
simple four step framework:
1) Where you have come from – your background and how
you set up the business
2) Where you are now – how the business looks today in
terms of what you sell, your clients and marketing strategy
3) Where you want to be – an outline of what your growth
plan is
4) How you are going to get there – what you need from the
bank and the actions you are going to take
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TORFAEN BUSINESS VOICE | FEBRUARY 2017 NEWSLETTER

4.Seek Out Advice
and Support
Running a business can be a lonely experience. It’s impossible
to know everything, so surround yourself with the right
people and be willing to seek other’s opinions and ideas.
A key financial partner for any growing business is an
Accountant. Find an Accountant who understands your
industry and so can provide valuable insights on how to boost
profits. Working with an Accountant is about having a trusted
relationship so find someone you will get on with.
Selecting an Accountant is like finding the ideal employee, so
don’t be afraid to interview them! Ask them what they will do
for you and how often you will meet. Make them work to get
your business.
Who else can you turn to for ideas and support? You can
seek input and ideas from government business advisors,
and business colleagues; consider taking on a mentor or a
Non-Executive Director who can be a sounding board and
keep you accountable and focused.
5.Keep Records and
Monitor Progress
To sustain your vision and to keep to your financial obligations
you must track your progress, or perhaps it may be lack
of progress! Not all of us are good at keeping records but they
are a crucial aspect of the financial aspect of a growth plan.
Think about it, if you don’t know which part of your business
is slipping then how can you take action to get back on track?
Decide on three aspects of your business which are critical to
your success then regularly monitor them.
6.Manage Your
Cashflow
Cashflow is the beating heart of your business. Manage your
cashflow poorly and no matter how profitable you are you can
quickly find yourself battling irate calls from your suppliers.
Be tough on management of stock so you don’t have cash
tied up on the shelf instead of sitting in your bank account. Be
tough on overheads by regularly reviewing your costs to
avoid wasting cash. Be tough on overdue invoices by ensuring
clarity on your payment terms and conditions. Have
process in place to identify late payers and don’t be afraid to
pick up the phone and chase for payment.
7.It’s All About…
If you’re committed to growing your business, go through
each of the six financial success factors, which leads us on to
the last one… taking action. You can have the best ideas and
the best of intentions but the bottom line is that you must take
action on these ideas. Growth and being in control of your
finances doesn’t just happen; it takes focus, determination
and dedication.
Go and take the first
step to growing your
business and getting
your finances in order.
Monitoring your performance must include reviewing your
financial performance via monthly or quarterly Management
Information. Your financial performance is the outcome of
everything you do in the business so watching your financial
results will highlight the red flags to review.
TORFAEN BUSINESS VOICE | FEBRUARY 2017 NEWSLETTER 5

Transform your idea into a business
with a Torfaen Business Start-Up Loan
Torfaen Economy & Enterprise and Gateway Credit Union are
working in partnership to offer a Business Start-Up Loan. Loans
are available of up to £1,500 over 2 years for new businesses
and those trading for less than a year in Torfaen. Help can be
provided with business planning whilst one to one support, if
required, can be provided in completing the application form.
As a result of taking out a Torfaen Business Start-Up Loan
Emma Gould of Fit Bound was able to purchase equipment for
her new fitness class business.
So why not discover more about the Torfaen Business
Start-up Loan by contacting Gaynor Wakeling, Business
Development Manager at Torfaen Economy & Enterprise:
email gaynor.wakeling@torfaen.gov.uk or call Gaynor on
01633 648371.
Emma says:
Applying for the Torfaen Business
Start –Up Loan was simple and
straightforward. The application
process didn’t take long at all and
the loan really helped me establish
my new business. The new boots
have meant that I have been able to
accommodate more people in my
classes.
What can you
do with a £10k
business loan?
Business loans don’t always have to be six or seven figures to make an
impact. A small loan invested wisely can provide a significant boost to
your company.
We often deal with companies seeking loans up to £10k, and we’ve
recently introduced a new streamlined fast-track scheme to help
businesses get a speedy decision on their applications.
£10k can go a long way for a small business, how could you invest that
money to get the best value for your company? Here are a few ideas below:
1. Buy new equipment
Investment in equipment or machinery can boost production
and reduce costs. It can also create opportunities to offer new
services to your customers. This can attract new business as
well as increase your competitive edge.
2. Open up a new shop or office
Found the perfect premises for your growing business but
need money for the first few months’ rent? A £10k business
loan could really help. You could also use a £10k loan to help
refurbish an existing shop or office.
3. Invest in marketing
Marketing is really important for raising awareness of your
brand and what you offer. £10k could help build a new website,
pay for advertising or a direct marketing campaign.
4. Pay for staff training
If your business is expanding you’ll want to invest in
yourself and your staff. Why not use a £10k loan to boost
yours and your staff’s knowledge? Appropriate training can
help with business efficiency and creativity.
5. Buy new stock
Any good retailer will have a nose for their key products. By
investing in extra stock at the right time you can give your
turnover a timely boost unlocking more cash for future
investment.
6. Cash-flow
If you know the ebbs and flow of your business then you
can prepare ahead. By using a loan you can make sure
your business is ready to exploit its busiest times of year.
There are many ways your business could benefit from a £10k loan. With the right investment you can turn a small
loan into a big profit and put your business on the front foot for 2017.
Finance Wales can offer start-ups and established businesses a range of commercial funding options from £1000
up to £3 million.
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TORFAEN BUSINESS VOICE | FEBRUARY 2017 NEWSLETTER

Accounting
and Tax: Year
End Planning
The Chancellor’s Spring Budget on 8 March will be especially
momentous this year as it will be the last of its kind. After this
date, budgets will be delivered in the autumn only.
Amongst upcoming tax announcements, we are hoping for
further detail on ‘Making Tax Digital’, due to the administrative
burden we are anticipating this could cause.
However, aside from budget announcements, we will be
spending the next couple of months looking at tax planning
opportunities with our clients in order to utilise key reliefs prior
to the tax year end on 5 April 2017, as well as considering
how upcoming changes will affect them. Here are a selection
for you to ponder.
The 2016/17 tax year saw the introduction of the personal
savings allowance (PSA) which enables basic rate taxpayers
to receive £1,000 interest income, free of tax. Higher rate
taxpayers can receive £500. It is therefore worthwhile to look
at how savings are split between spouses in order to
maximise this allowance.
There may also be a tax planning opportunity for those who
have made director’s loans to their companies where the
loan is used for trading purposes. For those directors with
loan accounts in credit, it is not unreasonable to charge the
company interest, thus making use of the PSA. This should
be discussed with your tax advisors prior to undertaking.
If you take dividends from your limited company, you should
be well versed by now with the new dividend taxation which
commenced 6 April last year. The first £5,000 of dividend
income received is taxed at 0%. Dividends received which
fall into basic rate will be taxed at 7.5%, higher rate
dividends at 32.5%, and additional rate dividends at 38.1%.
You should consider maximising the £5,000 allowance and,
again, advice should be sought from your accountant.
For those of you who are married, you will have no doubt
checked whether you qualify for the marriage allowance
which also came into force on 6 April 2016. This allowance
will apply in 2016/17 and 2017/18, so you should now make
your applications if relevant. As a re-cap: if one spouse is a
non-tax-payer and the other pays tax at basic rate, you can
opt to transfer £1,150 of your personal allowance to the
tax-paying spouse.
A big tax change for Landlords will be introduced on 6 April
2017. Relief for mortgage interest is being restricted and
many will find their tax bills increasing as a result. You
should now be assessing your exposure to tax and
considering your alternatives in line with these changes.
Finally, any pension contributions or charitable donations
made before 5 April 2017 will reduce your higher rate liability
in 2016/17. They can also reduce exposure to the high
income child benefit claw-back, if families are affected by
this. Pension advice should always been sought in such
circumstances, so please contact an independent financial
advisor if this applies to you.
This guidance in not exhaustive and you must seek
professional advice before implementing these tax tips. They
should however provide some food for thought within your
businesses and households.
New members
Alzheimer's Society - rhia.jones@alzheimers.org.uk
AVA Security & Communications Ltd - sales@ava-cctv.co.uk
Create Ceremonies - create.ceremonies@gmail.com
Dynamite Branding - paul@mooringsandmoor.com
EML Engineering - emlengineeringltd@gmail.com
New Horizon Achievers - denise@newhorizon.uk.com
Rubus Associates - su@rubusassociates.co.uk
Your Torfaen Business Voice Committee
From left to right: Dennis Ricketts (Chairman) - Spectrum Positive; Gaynor Wakeling - TCBC; Tom West - Beehive Photography Studios; Joanne John - TCBC;
Gareth Waters - BrandNuCreative; Debra Reader - Barclays Bank PLC; Ashley Harkus - Everett Tomlin Lloyd & Pratt; Mark Bellew - WSI 4 Web Business
TORFAEN BUSINESS VOICE | FEBRUARY 2017 NEWSLETTER 7

Meet the
member
Beehive Photography Studios is run by husband and wife
team, Tom and Jade West and they have over 10 years of
experience in the photography business.
Tom West is the lead photographer at the Beehive and has
an insatiable passion for creating memorable images.
Tom started out as a musician that liked creating cool images
of his band (still insisting he is not vain in the slightest!) This
triggered a love affair with the camera. After completing a
degree in photography he was commissioned to work as a
photographer for companies like Asda, Newport City Council,
Cwmbran Shopping, Monmouthshire Housing and various
magazines. Plenty of weddings, baptisms and bar mitzvah’s
followed.
Whether its capturing those precious moments at a couple's
wedding, creating ‘Bailey-esque’ fashion photographs,
capturing your bundle of joy or documenting a fast-paced
corporate event, Tom feels that outstanding, contemporary
images make the world a beautiful place and should be
accessible to anyone. They also make a huge difference in
being able to sell a product.
Top class images for realistic prices set them apart from other
photographers. Tom and Jade like to get value for money, so
it’s this ethos the whole business is built on. With their own
photography studio based in Crumlin, South Wales, they are
able to cover and serve the South of Wales and South West of
England.
Tom West
Beehive Photography
Studios, Crumlin
Portrait sessions at their
studio cost £39 and midweek
corporate prices are £45 an
hour, SO if you want your
business buzzing...come to
the Beehive.
Not a Member?
There couldn’t be a better
time to join!
You’ll find a very warm welcome as a new member of Torfaen
Business Voice and be able to take full advantage of our
quarterly events and the publicity opportunities available
through our website. What’s more, joining one of the area’s
most popular and thriving business clubs is easy.
Advertising
opportunity in 2017
We now have an adverting screen that you
may have seen at our September meeting
and will be on show at our December
event. This is a great opportunity for
you to showcase your business at our
four events with a message that’s
tailored to the audience for just £25.
Ask us for a demonstration at the December
meeting and we’ll show you how you
can spread the word about your products
and services!
Member Get
Member Scheme
Earn money off your membership for 2018 by introducing a new member by
the end of the year. Encourage your business contacts and clients to join this
popular business club for our Christmas meeting in December and they too
can enjoy all the benefits of belonging to Torfaen Business Voice.
For every business that you encourage to join, your own business will
earn £5.00 off your 2018 membership (up to a maximum of £50.00). The
new member will be entitled to a £5.00 discount off their joining fee too
– it’s a win win situation! Simply make sure that the new business member
completes your name and your company name in the space provided within
the on-line application form.
We would like to thank our contributors
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TORFAEN BUSINESS VOICE | FEBRUARY 2017 NEWSLETTER